Company Overview - Aojing Medical Technology Co., Ltd. focuses on the research, development, production, and sales of high-end biomedical materials and related medical devices, recognized as a national high-tech enterprise [1] - The company has consistently aimed to meet clinical needs through continuous innovation in products and technology, primarily researching and developing mineralized collagen artificial bone repair materials [1] Financial Performance - As of the first quarter of 2025, Aojing Medical reported revenue of 42.46 million yuan, a year-on-year decrease of 10.35% [1] - The net profit for the same period was 1.04 million yuan, reflecting a significant year-on-year decline of 84.99% [1] - The gross profit margin stood at 60.71% [1] Market Position - Aojing Medical's latest closing price was 16.15 yuan, with a market capitalization of 2.213 billion yuan and a price-to-book ratio of 1.57 [1] - The company is among eight institutions holding shares, with a total of 35.38 million shares valued at 561 million yuan [1] Industry Comparison - Aojing Medical's price-to-earnings (P/E) ratio (TTM) is -119.23, significantly lower than the industry average of 49.02 [2] - The industry median P/E ratio is 36.25, indicating that Aojing Medical is underperforming compared to its peers [2]

证券代码：688613 证券简称：奥精医疗 奥精医疗科技股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 奥精医疗科技股份有限公司（688613） 股东大会会议资料 目 录 | 年年度股东大会会议须知 | | 3 | 2024 | | --- | --- | --- | --- | | 年年度股东大会会议议程 | | 5 | 2024 | | 年年度股东大会会议议案 | | 7 | 2024 | | 议案一：关于公司 | 2024 | 年度董事会工作报告的议案 7 | | | 议案二：关于公司 | 2024 | 年度监事会工作报告的议案 12 | | | 议案三：关于公司 | 2024 | 年度财务决算报告的议案 16 | | | 议案四：关于公司续聘立信会计师事务所（特殊普通合伙）为公司 | | 2025 年度财 | | | 务审计机构的议案 | | 24 | | | 议案五：关于公司 | 2024 | 年年度报告及其摘要的议案 25 | | | 议案六：关于公司 | 2025 | 年度董事、监事及高级管理人员薪酬方案的议案 .. 26 | | | 议案七：关于为公司董监高人员购买责任险的议 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance is under short-term pressure due to centralized procurement, but market expansion is accelerating, indicating strong growth momentum. In 2024, the company achieved revenue of 206 million yuan, a year-on-year decrease of 9.03%, and a net profit loss of 13 million yuan, a year-on-year decline of 123.35%. The company is actively expanding its domestic market and has made breakthroughs in international markets [2][4] - The "Bone Gold" product line is expected to see increased sales volume, while the company is also positioning itself in the implant business to create new growth points. The revenue from the "Bone Gold" product was 145 million yuan, with a gross margin of 72.84%. The company has also acquired HumanTechDental in Germany to expand its dental implant business [2][4] - Revenue forecasts for 2025-2027 are projected at 270 million, 355 million, and 470 million yuan, with year-on-year growth rates of 31.0%, 31.5%, and 32.3%, respectively. The net profit for the same period is expected to be 42 million, 66 million, and 98 million yuan, with significant growth rates [2][4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 206 million yuan, a decrease of 9.03% year-on-year, and a net profit loss of 13 million yuan, a decline of 123.35% year-on-year. The first quarter of 2025 saw revenue of 42 million yuan, down 10.35% year-on-year, with a net profit of 0.01 yuan, a decrease of 84.99% year-on-year [2][4] - The company is expected to recover with projected revenues of 270 million, 355 million, and 470 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 42 million, 66 million, and 98 million yuan [4] Market Expansion - The company has developed over 900 new hospitals in 2024, a 90% increase year-on-year, primarily due to the implementation of centralized procurement. This expansion is expected to lay a solid foundation for domestic revenue growth [2] - The company has made significant strides in international markets, completing clinical trials for its artificial bone repair products in Southeast Asia and Latin America [2] Product Lines - The "Bone Gold" product line generated revenue of 145 million yuan, with a gross margin of 72.84%. The decline in gross margin is attributed to lower factory prices following centralized procurement [2] - The "Tooth Bay" dental repair material performed well, achieving revenue of 39 million yuan, an increase of 82.1% year-on-year. The acquisition of HumanTechDental is expected to enhance the synergy between the dental implant and "Tooth Bay" businesses [2]

证券代码：688613 证券简称：奥精医疗 公告编号：2025-023 奥精医疗科技股份有限公司 2023 年限制性股票激励计划首次授予部分 第二个归属期归属结果暨股份上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为1,457,000股。 本次股票上市流通总数为1,457,000股。 本次股票上市流通日期为2025 年 5 月 8 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任 公司上海分公司相关业务规定，奥精医疗科技股份公司（以下简称"公司"） 于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证 明》，公司完成了 2023 年限制性股票激励计划首次授予部分第二个归属期的股份 登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2023 年 3 月 23 日，公司召开第二届董事会第二次会议，审议通过了《关 于审议公司<2023 年限制性股票激励计划（草 ...

正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月26日， 奥精医疗 发布了2024年年报以及2025年一季报。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 | 2022年 | | --- | --- | --- | --- | --- | | | | | 期增减(%) | | | 营业收入 | 206,033,014.77 | 226,475,894.98 | -9.03 | 245,305,139.72 | | 扣除与主营业务无关的业务收 入和不具备商业实质的收入后 | 200,430,853.46 | 218,427,930.77 | -8.24 | 240,282,309.74 | | 的营业收入 | | | | | | 归属于上市公司股东的净利润 | -12,662,162.69 | 54,231,840.71 | -123.35 | 95,217,271.83 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | -28,371,119.81 | 25,766,199.74 | -210.11 | 80,059, ...

Group 1 - The U.S. "reciprocal tariffs" are putting significant pressure on the global economy and trade system, particularly affecting industries like semiconductors, automobiles, and pharmaceuticals [1] - Aojing Medical (688613.SH) stated that its overseas business is primarily focused on emerging markets in Southeast Asia, and the U.S. tariff policy will not impact its operations [1] - The company emphasizes its long-term global strategy, aiming to enhance product competitiveness through continuous technological innovation and to expand into high-growth emerging markets [1] Group 2 - The bone repair materials industry is experiencing a trend of domestic substitution, with artificial bone materials gradually replacing natural bone due to their advantages [2] - Aojing Medical's mineralized collagen artificial bone repair materials have achieved international advanced levels in key indicators, addressing limitations of natural bone materials [2] - The market share of artificial bone has rapidly increased from less than 30% in 2018 to a dominant position, indicating a clear trend towards accelerated substitution [2] Group 3 - The domestic bone repair materials industry has seen rapid development, with domestic brands catching up to or surpassing imported brands in technology [3] - National centralized procurement policies are driving domestic substitution, further squeezing the market space for imported products [3] - Aojing Medical's mineralized collagen artificial bone repair materials have become a benchmark for high-end orthopedic products in China, with significant growth in hospital adoption following successful procurement [3] Group 4 - Aojing Medical's product line includes various artificial bone repair materials, which are expected to enhance market share due to their inclusion in national procurement [4] - The company is diversifying its product offerings to mitigate the impact of price reductions from centralized procurement [4] - Aojing Medical is expanding into the dental implant market through the acquisition of HumanTech Dental, which is expected to create a second growth curve for the company [5] Group 5 - The company is focusing on emerging markets in Southeast Asia, having obtained regulatory approvals in Malaysia, Indonesia, and Vietnam, which are expected to drive growth [5][6] - The Southeast Asian orthopedic repair materials market is projected to grow at a compound annual growth rate of 21.4% from 2023 to 2028, significantly outpacing the global average [5] - Aojing Medical's early entry into the Southeast Asian market provides a competitive advantage amid the U.S.-China trade tensions [5] Group 6 - Aojing Medical's supply chain strategy emphasizes resilience and efficiency, aiming to combine low costs with rapid response capabilities [6] - The core materials for the company's artificial bone products are I-type collagen and hydroxyapatite, with plans for self-sufficiency in raw materials to reduce production costs [6] - A new production line set to launch in November 2024 will significantly increase the company's annual production capacity, supporting both domestic and international demand [6] Group 7 - Aojing Medical is leveraging technological innovation and a diversified product strategy to build a sustainable growth model in a competitive environment [7] - The company's strategic planning and rapid progress position it well to capitalize on growth opportunities in the bone repair materials market [7]

Core Insights - The company faced significant challenges in 2024, with net profit decreasing by 123.35% and cash flow from operating activities dropping by 137.93%, indicating a need for investor attention [1] Revenue - In 2024, the company's operating revenue was 206,033,014.77 yuan, a decrease of 9.03% from 226,475,894.98 yuan in the previous year, primarily due to the implementation of centralized procurement for orthopedic artificial bone repair materials [2] - After excluding non-core business income, the adjusted operating revenue was 200,430,853.46 yuan, reflecting an 8.24% decline, further confirming the impact of centralized procurement on revenue [2] Net Profit - The company reported a net profit attributable to shareholders of -12,662,162.69 yuan in 2024, down from 54,231,840.71 yuan in 2023, marking a 123.35% decrease [3] - Contributing factors included the impact of centralized procurement, increased operational costs, rising expenses from market activities, credit impairment losses, and higher tax burdens [3] Non-Recurring Profit - The net profit after excluding non-recurring items was -28,371,119.81 yuan in 2024, compared to 25,766,199.74 yuan in 2023, representing a 210.11% decline, indicating significant challenges in core business profitability [4] Earnings Per Share - Basic earnings per share turned negative at -0.09 yuan in 2024, down from 0.41 yuan in 2023, reflecting a 121.95% decrease [5] - The diluted earnings per share, excluding non-recurring items, also saw a significant drop to -0.21 yuan from 0.19 yuan, a decline of 210.53% [6] Expenses - Sales expenses increased by 27.35% to 48,001,433.24 yuan, driven by heightened market activities and the acquisition of HumanTech Dental [7] - Management expenses decreased by 10.38% to 75,597,292.33 yuan, primarily due to reduced share-based payments [7] - Research and development expenses were 38,767,871.53 yuan, down 14.8% from the previous year, with R&D investment accounting for 18.82% of operating revenue [7] Cash Flow - The net cash flow from operating activities was -19,603,287.90 yuan, a 137.93% decrease from 51,678,545.68 yuan in the previous year, indicating declining cash generation capacity [10] - Cash flow from investment activities improved to 14,220,071.14 yuan, a significant increase from -118,079,517.17 yuan, reflecting adjustments in investment strategies [10] - Cash flow from financing activities also increased by 103.26% to 1,050,381.13 yuan, mainly due to employee stock option exercises [10] R&D Personnel - The number of R&D personnel increased to 24 from 22, accounting for 8.86% of the total workforce, with an average salary of 58.24万元 [8][9]

华泰联合证券有限责任公司 关于奥精医疗科技股份有限公司 2024 年度募集资金存放和使用情况专项核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作 为奥精医疗科技股份有限公司（以下简称"奥精医疗"、"公司"或"发行人"）首 次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管 理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等法律法规的规定，对奥精医疗在 2024 年度募集资金存放与使用情况进行了审慎核查，核查情况及核查意见如下： 一、募集资金的基本情况 （一）首次公开发行股票募集资金情况 经中国证券监督管理委员会证监许可[2021]1219 号《关于同意奥精医疗科 技股份有限公司首次公开发行股票注册的批复》批准，并经上海证券交易所同 意，公司向社会公开发行人民币普通股（A 股）股票 3,333.3334 万股，每股发 行价格 16.43 元，募集资金总额为人民币 547,666,677.62 元，扣除不含税的发行 费用后募集资金净 ...

华泰联合证券有限责任公司 关于奥精医疗科技股份有限公司 部分募投项目新增实施主体和实施地点的 核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构"）作为 奥精医疗科技股份有限公司（以下简称"奥精医疗"或"公司"）首次公开发行 股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》及《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作》等有关规定，对公司本次部分募集资金投资项目增加实施主体和实 施地点事项进行了审慎核查，核查情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会证监许可[2021]1219 号《关于同意奥精医疗科技 股份有限公司首次公开发行股票注册的批复》批准，公司向社会公开发行人民币 普通股（A 股）股票 3,333.3334 万股。截至 2021 年 5 月 17 日止，公司已向社会 公开发行人民币普通股（A 股）股票 3,333.3334 万股，每股发行价格 16.43 元， 募集资金总额为人民币 547,666,677.62 元。公司为本次股票发行累计发生发行费 用 49,653,236.30 元（此处为含税金额， ...

奥精医疗科技股份有限公司 内部控制审计报告 二O二四年度 E 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） "拼行查报 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） "拼行查询 信会计师事务所(特殊普通合 NA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTAI 内部控制审计报告 奥精医疗科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了奥精医疗科技股份有限公司(以下简称奥精医疗) 2024年12月31日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制，并评 价其有效性是奥精医疗董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局 ...